A shadow minister has claimed the FSA's Treating Customers Fairly (TCF) initiative has failed to adequately protect consumers.
Tabling an amendment to the Financial Services Bill to ensure regulated businesses provide a level of ‘fiduciary duty' to consumers, Chris Leslie, the shadow financial secretary to the Treasury, said it was necessary to "complement and enhance" the TCF obligations, which only "some firms" have been meeting. "On its own, the initiative has failed to tackle a number of market problems that led to poor consumer outcomes, such as the payment protection insurance mis-selling scandal," he said. "I also have serious concerns about the mortgage and remortgage markets, where stronger safeguard...
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